Trader Who Nailed Bitcoin And Crypto Reversal Says He’s Picking Up Another Altcoin As Markets Track Back
A trader and analyst who started accumulating Bitcoin at its absolute bottom late last year says he is now accumulating an additional altcoin.
As BTC and the larger crypto markets pull back, pseudonymous analyst DonAlt says he’s adding more XRP to his portfolio.
DonAll says he started accumulating XRP at an average price of around $0.37 and aims for a price of $1. The sixth largest crypto asset is now at $0.39 at press time, up 5.9% in the last 24 hours.
The analyst’s award comes as the SEC’s lawsuit against Ripple appears to be preventing a conclusion.
Attorney John Deaton, who represented the XRP community as amicus, says he thinks the judge is likely to grant summary judgment any day now.
On Tuesday, Judge Analisa Torres issued a 57-page ruling on the SEC and Ripple’s motion to exclude expert testimony from summary judgment.
The ruling was for and against both Ripple and the SEC in different ways.
In light of the ruling, Ripple’s general counsel Stuart Alderoty says he is more confident than ever in the strength of their cause.
“Yesterday’s Court Opinion on Ripple and the SEC’s Proposed Expert Opinions – If You Didn’t Read All 57 Pages, Here’s the TLDR
Specifically – not only is the SEC’s expert on “reasonable expectations of an XRP buyer” pulled from the record, but so is their expert who tried to say what “causes” the price of XRP to change.
On the flip side – our experts explaining how Ripple’s contracts clearly differ from the contracts of “Howey”, tax treatment of XRP (not a security), accounting treatment of XRP (not a security) and currency experts on XRP (not a security) ) are all allowed to stay inside.”
As we have said throughout, we have always felt confident in our case and with each ruling, even more so.
The outcome of the hard-fought lawsuit, which the SEC launched back in December 2020, is likely to have major implications for the price of XRP and the future of crypto at large.
The SEC claims that Ripple has been selling XRP as an unregistered security for years.
In court, Ripple’s legal team has said that the SEC did not give Ripple fair notice of its concerns over XRP.
They also say that the utility, liquidity and distribution of XRP make the asset completely incompatible with securities regulations.
In addition, Ripple has argued that a decision to label XRP a security would directly undermine the cryptoasset’s primary reason for existence.
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